Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2017-P-12/25-12-(NPA) of June 15, 2017 on Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of June 15, 2017 No. 2017-P-12/25-12-(NPA)

On Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic and on Recognizing Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic as Having Lost Force

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of December 19, 2018 No. 2018-P-12/55-6, June 28, 2019 No. 2019-P-12/34-4, August 14, 2019 No. 2019-P-12/42-1, August 21, 2019 No. 2019-P-33/43-6, December 28, 2020 No. 2020-P-33/75-4, September 28, 2021 No. 2021-P-33/53-9, December 22, 2021 No. 2021-P-20/72-8)

In accordance with Articles 7 and 43 of the Law "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic resolves:

1. Make amendments and additions to the following regulatory legal acts of the National Bank of the Kyrgyz Republic (attached):

1) Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Rules 'On Lending (Overdraft) on Bank Payment Cards'" of February 13, 2002 No. 8/6;

2) (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 28, 2019 No. 2019-P-12/34-4)

3) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Establishing Requirements for Determining Subjects and the List of Offshore Zones" of April 16, 2003 No. 13/2;

4) (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of August 14, 2019 No. 2019-P-12/42-1)

5) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" of September 14, 2011 No. 52/4;

6) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On Requirements for the Chart of Accounts in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic'" of December 20, 2007 No. 54/9;

7) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the New Edition of the 'Instruction on Accounting for Payment Assignments in Banks'" of November 25, 2004 No. 30/5;

8) (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 19, 2018 No. 2018-P-12/55-6)

9) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the 'Policy and Basic Principles of Antimonopoly Regulation, Development of Competition and Protection of Consumer Rights in the Market of Banking Services Provided by Commercial Banks, Other Financial-Credit Institutions, Payment System Operators and Payment Organizations Licensed and Regulated by the National Bank of the Kyrgyz Republic'" of March 2, 2005 No. 4/1;

10) Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Rules for Regulating Commercial Bank Operations on Trust Management" of December 14, 1998 No. 34/9;

11) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On the Calculation of the Effective Interest Rate When Disseminating Information on the Size of Remuneration for Banking Services'" of August 27, 2008 No. 33/4;

12) (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 22, 2021 No. 2021-P-20/72-8)

13) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Rules for Regulating the Activities of the Specialized Financial-Credit Institution JSC 'Financial Company of Credit Unions'" of September 12, 2012 No. 37/3;

14) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Rules for Regulating the Activities of Specialized Financial-Credit Institutions" of March 16, 2016 No. 12/4;

15) (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of August 21, 2019 No. 2019-P-33/43-6)

16) Resolution of the Board of the National Bank of the Kyrgyz Republic "On the New Edition of the Regulation 'On Direct Banking Supervision'" of May 28, 2008 No. 22/4;

17) Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Rules for Regulating the Activities of Credit Unions in the Kyrgyz Republic" of May 4, 2005 No. 14/2;

18. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 28, 2020 No. 2020-P-33/75-4)

19) Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation 'On the Periodic Regulatory Report of a Credit Union'" of January 16, 2008 No. 3/3;

20) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the 'Instruction on the Procedure for Compliance with Limits of Open Currency Positions by Credit Unions'" of May 30, 2014 No. 24/9;

21) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On Mandatory Reserve Requirements for Microfinance Companies Accepting Deposits'" of January 30, 2010 No. 1/1;

22) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On the Periodic Regulatory Report of a Microcredit Company/Microcredit Agency' and the Regulation 'On the Periodic Regulatory Report of a Microfinance Company'" of May 27, 2009 No. 25/3;

23) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Rules for Regulating the Activities of Credit Bureaus in the Territory of the Kyrgyz Republic" of September 28, 2016 No. 40/5;

24) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Requirements for Banks and Other Financial-Credit Institutions Licensed and Regulated by the National Bank of the Kyrgyz Republic When Issuing Loans to Individual Clients" of May 18, 2012 No. 19/6;

25) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On Requirements for the Accounting Policy of Commercial Banks and Other Financial-Credit Institutions Licensed by the NBKR'" of October 23, 2004 No. 26/2;

26) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the 'Procedure for Granting the Status of Non-Accrual of Interest Income'" of April 28, 2004 No. 11/2;

27) Resolution of the Board of the National Bank of the Kyrgyz Republic "On the List of Main Documents Generated in the Activities of Commercial Banks and Financial-Credit Institutions Licensed by the National Bank of the Kyrgyz Republic, with Indication of Retention Periods" of August 27, 2004 No. 22/9;

28) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Certain Regulatory Acts of the National Bank of the Kyrgyz Republic" of June 28, 2006 No. 19/4;

29) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the New Edition of the Chart of Accounts in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic" of May 30, 2007 No. 28/3;

30) (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of September 28, 2021 No. 2021-P-33/53-9)

31. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 28, 2020 No. 2020-P-33/75-4)

32) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On Certain Transactions/Operations of Commercial Banks and Microfinance Companies of the Kyrgyz Republic with Real Estate'" of August 29, 2012 No. 36/2;

33) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On Requirements for the Accounting Policy of Commercial Banks Conducting Operations in Accordance with Islamic Principles of Banking and Finance'" of September 30, 2009 No. 39/5;

34) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the 'Rules for Regulating the Activities of Microfinance Organizations Conducting Operations According to Islamic Principles of Banking and Finance'" of May 30, 2014 No. 24/11;

35) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulations of the National Bank of the Kyrgyz Republic" of October 17, 2014 No. 45/1;

36) Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On Requirements for the Formation of Financial Reporting and Submission of Information by Non-Bank Financial-Credit Institutions Conducting Activities in Accordance with Islamic Principles of Banking and Finance or Having an 'Islamic Window'" of December 21, 2016 No. 49/9.

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of December 19, 2018 No. 2018-P-12/55-6, June 28, 2019 No. 2019-P-12/34-4, August 14, 2019 No. 2019-P-12/42-1, August 21, 2019 No. 2019-P-33/43-6, December 28, 2020 No. 2020-P-33/75-4, September 28, 2021 No. 2021-P-33/53-9)

2. Recognize as having lost force:

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation 'On Temporary Guidelines for Bank Management'" of September 30, 2008 No. 36/5;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On the Conservation of Commercial Banks and Microfinance Companies Accepting Deposits'" of September 23, 2009 No. 38/3;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the New Edition of the Temporary Regulation 'On the Rehabilitation of Banks in the Process of Bankruptcy'" of May 2, 2007 No. 23/4;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Amendments to Certain Resolutions of the Board of the National Bank of the Kyrgyz Republic" of December 23, 2015 No. 78/21;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Instruction 'On Features of Calculating Open Currency Position Limits in JSC 'EcoBank' Taking into Account Operations Conducted in Accordance with Islamic Finance Principles'" of February 2, 2007 No. 6/3;

• Paragraph 1 of the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving Requirements for a Bank-Agent to Carry Out Compensation Payments to Depositors" of October 13, 2010 No. 79/4;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the 'Rules for Regulating the Activities of the Limited Liability Company 'Specialized Bank Refinancing Fund''" of May 27, 2009 No. 25/8;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Amendments and Additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic of May 27, 2009 No. 25/8 'On Approving the Rules for Regulating the Activities of the Limited Liability Company 'Specialized Bank Refinancing Fund''" of December 23, 2009 No. 50/17;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Amending the Resolution of the Board of the National Bank of the Kyrgyz Republic of May 27, 2009 No. 25/8 'On Approving the Rules for Regulating the Activities of the Limited Liability Company 'Specialized Bank Refinancing Fund''" of March 31, 2010 No. 9/3;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Adding to the 'Rules for Regulating the Activities of the Limited Liability Company 'Specialized Bank Refinancing Fund'', Approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 25/8 of May 27, 2009" of May 7, 2010 No. 29/3;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Adding to the 'Rules for Regulating the Activities of the Limited Liability Company 'Specialized Bank Refinancing Fund'', Approved by the Resolution of the National Bank of the Kyrgyz Republic No. 25/8 of May 27, 2009" of January 26, 2011 No. 4/12;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic of May 27, 2009 No. 25/8 'On Approving the Rules for Regulating the Activities of the Limited Liability Company 'Specialized Bank Refinancing Fund''" of February 18, 2011 No. 9/2;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Adding to the Rules for Regulating the Activities of the Limited Liability Company 'Specialized Bank Refinancing Fund', Approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 25/8 of May 27, 2009" of March 10, 2011 No. 13/2;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Rules for Maintaining Accounting Records and Presenting Information on the Financial Position of Commercial Banks and Other Financial-Credit Institutions During the Special Administration Procedure by Liquidation Method" of June 24, 2002 No. 26/4;

• Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the 'Procedure for Opening, Maintaining and Closing a Special Deposit Account Intended for the Legalization of Funds'" of August 26, 2009 No. 35/5;

• Paragraphs 11 and 12 of the Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" of April 25, 2012 No. 18/9;

• Paragraphs I and II of the Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Adding to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" of July 4, 2012 No. 28/9;

• Paragraphs 11 and 21 of the Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" of November 16, 2012 No. 43/1;

• The sixteenth paragraph of paragraph 1 of the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Amendments and Additions to Certain Resolutions of the Board of the National Bank of the Kyrgyz Republic" of February 10, 2016 No. 7/2 and paragraph 15 of the Appendix to the said resolution;

• The sixth paragraph of paragraph 1 of the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Amendments and Additions to Certain Resolutions of the Board of the National Bank of the Kyrgyz Republic" of November 27, 2014 No. 53/8 and paragraph 5 of the Appendix to the said resolution;

• Paragraph 2 of the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Adding to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" of December 16, 2010 No. 91/7.

3. The Legal Department:

• publish this resolution on the official website of the National Bank of the Kyrgyz Republic;

• after official publication, send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Regulatory Legal Acts of the Kyrgyz Republic.

4. This resolution enters into force on June 22, 2017.

5. The Supervision and Licensing Methodology Department is to bring this resolution to the attention of commercial banks, JSC "Financial Company of Credit Unions", the State Development Bank of the Kyrgyz Republic, the Association of Microfinance Organizations, microfinance organizations, credit unions, exchange offices, the Association of Exchange Offices "Alliance" of the Kyrgyz Republic, regional departments and the branch of the National Bank of the Kyrgyz Republic in the Batken Region.

6. Control over the implementation of this resolution is entrusted to Board Member of the National Bank of the Kyrgyz Republic T.D. Jusupov.

Chairman of the Board of the National Bank of the Kyrgyz Republic		T. Abdygulov

		Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-12-(NPA)

AMENDMENTS AND ADDITIONS
to certain regulatory legal acts of the National Bank of the Kyrgyz Republic

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of December 19, 2018 No. 2018-P-12/55-6, June 28, 2019 No. 2019-P-12/34-4, August 14, 2019 No. 2019-P-12/42-1, August 21, 2019 No. 2019-P-33/43-6, December 28, 2020 No. 2020-P-33/75-4, September 28, 2021 No. 2021-P-33/53-9)

1. Make the following changes to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Rules 'On Lending (Overdraft) on Bank Payment Cards'" of February 13, 2002 No. 8/6:

in the Rules "On Lending (Overdraft) on Bank Payment Cards", approved by the aforementioned resolution:

• paragraph 1.1 is recognized as having lost force;

• throughout the text, the abbreviation "NBKR" is replaced with the words "National Bank" in the appropriate cases;

• in paragraphs 1.2 and 3.11, the words "financial-credit institutions" in various cases are replaced with the words "financial-credit organizations" in the corresponding cases.

2. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of June 28, 2019 No. 2019-P-12/34-4)

3. Make the following changes to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Establishing Requirements for Determining Subjects and the List of Offshore Zones" of April 16, 2003 No. 13/2:

• in the preamble, the words ", guided by Article 43 of the Law of the Kyrgyz Republic 'On the National Bank of the Kyrgyz Republic', Articles 8, 39 and 53 of the Law of the Kyrgyz Republic 'On Banks and Banking Activity in the Kyrgyz Republic', the Board of the National Bank of the Kyrgyz Republic" are excluded;

• throughout the text, the abbreviation "NBKR" is replaced with the words "National Bank of the Kyrgyz Republic" in the appropriate cases;

• throughout the text, the words "financial-credit institutions" in various cases are replaced with the words "financial-credit organizations" in the corresponding cases.

4. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of August 14, 2019 No. 2019-P-12/42-1)

5. Make the following changes and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic" of September 14, 2011 No. 52/4:

in the Regulation "On Banks' Work with Securities", approved by the aforementioned resolution:

• paragraph 1 is redacted as follows:

"1. This Regulation 'On Banks' Work with Securities' (hereinafter referred to as the Regulation) applies to commercial banks of the Kyrgyz Republic, the State Development Bank of the Kyrgyz Republic and microfinance companies accepting deposits (hereinafter referred to as banks).";

• the first paragraph of paragraph 2 is redacted as follows:

"Basic concepts used within the framework of this Regulation:";

• in paragraph 7, the word "(Appendix 1)" is replaced with the words "in accordance with the Regulation on Minimum Requirements for Risk Management in Banks of the Kyrgyz Republic, approved by the Resolution of the Board of the National Bank (hereinafter - the Regulation on Minimum Requirements for Risk Management in Banks of the Kyrgyz Republic)";

• in sub-item "d" of paragraph 11, the word "(Appendix 1)" is replaced with the words "in accordance with the Regulation on Minimum Requirements for Risk Management in Banks of the Kyrgyz Republic";

• in the first paragraph of paragraph 15:

the word "(Appendix 1)" is replaced with the words ", taking into account the requirements of the Regulation on Minimum Requirements for Risk Management in Banks of the Kyrgyz Republic";

the footnote "(1)" is replaced with the words "(countries included in the Standard & Poor's agency list 'The S&P Global BMI (Broad Market Index)')";

• in paragraph 16:

in the fifth paragraph, the word "(Appendix 1)" is replaced with the words "taking into account the requirements of the Regulation on Minimum Requirements for Risk Management in Banks of the Kyrgyz Republic";

in the seventh paragraph, the footnote "(2)" is excluded;

• in paragraph 25, after the words "Fitch IBCA (United Kingdom)", the words ", 'Japan Credit Rating Agency (JCR)', 'Dominion Bond Rating Service (DBRS)'" are added;

• paragraph 26 is redacted as follows:

"26. The acquisition by a bank of securities of governments and central banks of other states may be carried out on condition that they have a long-term sovereign credit rating not lower than level 'A', assigned by the rating agency 'Standard & Poor's' or an equivalent rating assigned by one of the rating agencies 'Japan Credit Rating Agency (JCR)', 'Fitch Ratings', 'Dominion Bond Rating Service (DBRS)' and 'Moody's Investors Service' or being members of the OECD, and at the same time the total amount of the bank's investments in securities must not exceed 100% of the size of the bank's net aggregate capital.

Note: OECD - Organization for Economic Co-operation and Development. The list of OECD member states is posted on the official website www.oecd.org.";

• in paragraph 30, the words "measures and sanctions" are replaced with the words "impact measures";

• in the eighth paragraph of sub-item "a" and in the ninth paragraph of sub-item "b" of paragraph 35, the words "and sanctions" are excluded;

• paragraph 41 is redacted as follows:

"41. Non-compliant application of securities accounting rules leads to incorrect reflection of the bank's financial position in reports submitted to the National Bank, which is considered as providing false information.";

• Appendix 1 to the Regulation is recognized as having lost force.

6. Make the following changes and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approving the Regulation 'On Requirements for the Chart of Accounts in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic'" of December 20, 2007 No. 54/9:

• in the title of the resolution, the word "institutions" is replaced with the word "organizations";

in the Regulation on Requirements for the Chart of Accounts in Commercial Banks and Other Financial-Credit Institutions of the Kyrgyz Republic, approved by the aforementioned resolution:

Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2017-P-12/25-12-(NPA) of June 15, 2017 on Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic and on Declaring Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic Invalid

6. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On the Procedure for Conducting Banking Operations by Commercial Banks" dated February 22, 2005 No. 3/5:

• in the title and throughout the text of the Regulation, replace the words "financial and credit institutions" in various cases with the words "financial and credit organizations" in the corresponding cases;

• throughout the text, replace the abbreviation "NBCR" with the words "National Bank" in the corresponding cases;

• in paragraph 1.1, replace the words "On Banks and Banking Activity in the Kyrgyz Republic" with the words "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity";

• in paragraph 1.3, after the words "National Bank of the Kyrgyz Republic", add the words "(hereinafter - the National Bank)";

• in paragraph 2.6, replace the words ", approved by the Resolution of the Board of the NBCR No. 3/5 dated 22.02.05 (Ministry of Justice of the Kyrgyz Republic No. 41-05 dated 17.03.05)," with the words "approved by the Resolution of the Board of the National Bank".

7. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the New Edition of the "Instruction on Accounting for Payment Assignments in Banks" dated November 25, 2004 No. 30/5:

• in the title, preamble, and paragraph 6, exclude the words "new edition";

• in paragraph 1, replace the words "new edition of the "Instruction" with the word "Instruction";

in the Instruction on Accounting for Payment Assignments in Banks, approved by the aforementioned resolution:

• throughout the text, replace the abbreviation "NBCR" with the words "National Bank" in the corresponding cases;

• rephrase the first paragraph of paragraph 1.1 as follows:

"The National Bank of the Kyrgyz Republic (hereinafter - the National Bank) in accordance with Article 51 of the Law "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity" compiles the payment balance of the Kyrgyz Republic jointly with the authorized state body for statistics.";

• in paragraphs 1.2 and 1.3, replace the word "institutions" with the word "organizations";

• in paragraph 2.6, replace the words "sanctions are imposed on banks" with the words "impact measures are applied to banks";

• in paragraph 3.17, replace the words "14 of the Law of the Kyrgyz Republic "On Operations in Foreign Currency" with the words "39 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity".

8. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2018 No. 2018-P-12/55-6)

9. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Policy and Basic Principles of Antimonopoly Regulation, Development of Competition and Protection of Consumer Rights in the Market of Banking Services of the Kyrgyz Republic Provided by Commercial Banks, Other Financial and Credit Institutions, Payment System Operators and Payment Organizations Licensed and Regulated by the National Bank of the Kyrgyz Republic" dated March 2, 2005 No. 4/1:

• in the title and throughout the text of the resolution, replace the word "institutions" with the word "organizations";

in the Policy and Basic Principles of Antimonopoly Regulation, Development of Competition and Protection of Consumer Rights in the Market of Banking Services of the Kyrgyz Republic Provided by Commercial Banks, Other Financial and Credit Institutions, Payment System Operators and Payment Organizations Licensed and Regulated by the National Bank of the Kyrgyz Republic, approved by the aforementioned resolution:

• in the title, replace the word "institutions" with the word "organizations";

• throughout the text, replace the words "financial and credit institutions" in various cases with the words "financial and credit organizations" in the corresponding cases;

• throughout the text, replace the abbreviation "FCI" with the abbreviation "FCO";

• declare paragraph 1.1 invalid;

• in sub-item "a" of paragraph 7.1.6, replace the words "On Banks and Banking Activity in the Kyrgyz Republic" with the words "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity".

10. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Rules for Regulating Operations of a Commercial Bank on Trust Management" dated December 14, 1998 No. 34/9:

in the Rules for Regulating Operations of a Commercial Bank on Trust Management, approved by the aforementioned resolution:

• rephrase the first paragraph of the preamble as follows:

"These Rules regulate the operations of a commercial bank on trust management in accordance with the Civil Code of the Kyrgyz Republic and the Law of the Kyrgyz Republic "On the National Bank, Banks and Banking Activity".";

• in the first paragraph of Chapter 2, replace the words "financial and credit institutions" with the words "financial and credit organizations";

• in paragraph 9.6, replace the abbreviation "NBCR" with the words "National Bank of the Kyrgyz Republic".

11. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On the Calculation of the Effective Interest Rate when Disseminating Information on the Size of Remuneration for Banking Services" dated August 27, 2008 No. 33/4:

in the Regulation "On the Calculation of the Effective Interest Rate when Disseminating Information on the Size of Remuneration for Banking Services", approved by the aforementioned resolution:

• declare paragraph 1.1 invalid;

• in paragraph 1.2, replace the words "by financial and credit institutions" with the words "by financial and credit organizations".

12. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 22, 2021 No. 2021-P-20/72-8)

13. Make the following amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Regulating the Activities of the Specialized Financial and Credit Institution JSC "Financial Company of Credit Unions" dated September 12, 2012 No. 37/3:

• in the title and throughout the text of the resolution, exclude the words "specialized financial and credit institution";

in the Rules for Regulating the Activities of the Specialized Financial and Credit Institution JSC "Financial Company of Credit Unions", approved by the aforementioned resolution:

• in the title and in Appendices 1, 2, 3, and 4 to the Rules, exclude the words "specialized financial and credit institution";

• throughout the text, replace the words "liquidity standard" in various cases with the words "liquidity standard (indicator)" in the corresponding cases;

• throughout the text, replace the words "adequacy standard" in various cases with the words "adequacy (adequacy) standard" in the corresponding cases;

• throughout the text, replace the words "adequacy coefficient" in various cases with the words "adequacy (adequacy) standard" in the corresponding cases;

• throughout the text, replace the word "premises" in various cases with the words "real estate" in the corresponding cases;

• declare paragraph 1 invalid;

• in paragraphs 4, 49, and 52, replace the words "preventive measures and sanctions" in various cases with the words "impact measures" in the corresponding cases;

• rephrase the sixth paragraph of paragraph 7 as follows:

"FCC - net aggregate capital of the FCKS, the calculation procedure for which is determined in accordance with the Instruction on Determining the Adequacy (Adequacy) Standards of Capital of Commercial Banks of the Kyrgyz Republic, approved by the Resolution of the Board of the National Bank (hereinafter - the Instruction on Determining the Adequacy (Adequacy) Standards of Capital of Commercial Banks of the Kyrgyz Republic).";

• in the fourth paragraph of paragraph 11, replace the words "Instruction on Determining the Adequacy Standards of Capital of Commercial Banks of the Kyrgyz Republic, approved by the Resolution of the Board of the National Bank No. 18/2 dated 21.07.2004 (registration number of the Ministry of Justice of the Kyrgyz Republic 94-04 dated 23.08.2004)" with the words "Instruction on Determining the Adequacy (Adequacy) Standards of Capital of Commercial Banks of the Kyrgyz Republic";

• in sub-item 4 of paragraph 25, replace the word "insiders" with the words "persons associated with the FCKS";

• in the third paragraph of paragraph 26, replace the words "unreliable and unhealthy" with the words "unhealthy and unsafe";

• in paragraph 27, replace the words "Art. 49-2 of the Law of the Kyrgyz Republic "On Banks and Banking Activity in the Kyrgyz Republic" with the words "Part 1 of Article 142 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity";

• in paragraph 29, after the word "is understood", exclude the word "real estate";

• in the ninth paragraph of paragraph 40, replace the words "to their insiders" with the words "to persons associated with the FCKS";

• in paragraph 52, replace the words "Laws of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", "On Banks and Banking Activity in the Kyrgyz Republic" with the words "Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity";

• in the note to Appendix 2, replace the words "4, 59, 59-2 of the Law of the Kyrgyz Republic "On Banks and Banking Activity in the Kyrgyz Republic" with the words "17, 125, 128 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity".

14. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Regulating the Activities of Specialized Financial and Credit Institutions" dated March 16, 2016 No. 12/4:

• in the title and throughout the text of the resolution, replace the words "financial and credit" with the word "financial";

in the Rules for Regulating the Activities of Specialized Financial and Credit Institutions, approved by the aforementioned resolution:

• in the title and throughout the text of the Rules and their appendices, replace the words "specialized financial and credit institutions" in various cases with the words "specialized financial institutions" in the corresponding cases;

• throughout the text, replace the abbreviation "SFCI" with the abbreviation "SFI";

• throughout the text, replace the words "preventive measures and sanctions" in various cases with the words "impact measures" in the corresponding cases;

• throughout the text, replace the words "liquidity standard" in various cases with the words "liquidity standard (indicator)" in the corresponding cases;

• declare paragraph 1 invalid;

• in paragraph 24, the fifth paragraph of the Note to Appendix 3, and the third paragraph of the Note to Appendix 4, replace the words "financial and credit institutions" in various cases with the words "financial and credit organizations" in the corresponding cases.

15. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 21, 2019 No. 2019-P-33/43-6)

16. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the New Edition of the Regulation "On Direct Banking Supervision" dated May 28, 2008 No. 22/4:

• in the title, replace the words "On the New Edition" with the words "On Approval";

• in the preamble, exclude the words "new edition";

• in paragraph 1, replace the words "new edition of the Regulation" with the word "Regulation";

in the Regulation "On Direct Banking Supervision":

• rephrase paragraph 1.1 as follows:

"1.1. This Regulation applies to commercial banks licensed by the National Bank and to the Development Bank of the Kyrgyz Republic (hereinafter - the bank(s)).";

• in paragraph 1.2:

exclude the words "specialized financial and credit institution";

replace the words "activities of these institutions" with the words "activities of these organizations";

• in the first sentence of paragraph 2.7, replace the word "institution" with the word "organization";

• in the first paragraph of paragraph 3.1, replace the words "temporary management" with the words "temporary administration".

17. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Rules for Regulating the Activities of Credit Unions in the Kyrgyz Republic" dated May 4, 2005 No. 14/2:

in the Rules for Regulating the Activities of Credit Unions in the Kyrgyz Republic, approved by the aforementioned resolution:

• declare paragraph 1.1 invalid;

• rephrase paragraph 1.2 as follows:

"1.2. The National Bank of the Kyrgyz Republic (hereinafter - the National Bank) in accordance with the laws of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity", "On Credit Unions" and other regulatory legal acts of the Kyrgyz Republic establishes economic standards, requirements, and restrictions mandatory for all credit unions, in order to maintain a stable financial system and protect the interests of credit union participants.";

• throughout the text of the Rules and their appendices, replace the words "liquidity standard" in various cases with the words "liquidity standard (indicator)";

• in the fourth paragraph of paragraph 3.1.2, replace the word "institutions" with the word "organizations";

• in paragraph 3.1.3, exclude the words "specialized financial and credit institution";

• in paragraphs 5.3, 5.3.1, 5.3.2, and 5.3.3, replace the word "institutions" with the word "organizations";

• in paragraph 7.3, replace the words "preventive measures and sanctions" with the words "impact measures";

• in Appendix 1:

in the table "Information on Compliance with Economic Standards and Restrictions":

• in the fourth row of the column "Name of Standard/Restriction", replace the word "institutions" with the word "organizations".

18. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 28, 2020 No. 2020-P-33/75-4)

19. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation "On the Periodic Regulatory Report of a Credit Union" dated January 16, 2008 No. 3/3:

in the Regulation "On the Periodic Regulatory Report of a Credit Union", approved by the aforementioned resolution:

• in paragraph 1.1, exclude the words "developed in accordance with the Law "On the National Bank of the Kyrgyz Republic" and the Law "On Credit Unions" and";

• in sub-item "a" of paragraph 2.1, replace the words "On the National Bank of the Kyrgyz Republic" with the words "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity".

20. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the "Instruction on the Procedure for Compliance with Limits of Open Currency Positions by Credit Unions" dated May 30, 2014 No. 24/9:

in the Instruction on the Procedure for Compliance with Limits of Open Currency Positions by Credit Unions, approved by the aforementioned resolution:

• in paragraph 1, exclude the words "in accordance with the Laws of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", "On Banks and Banking Activity in the Kyrgyz Republic" and "On Credit Unions",";

• in the title of Chapter 5, replace the word "Sanctions" with the words "Impact Measures";

• in the sixth paragraph of paragraph 19, replace the words "corresponding sanctions" with the words "impact measures".

21. Make the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Mandatory Reserve Requirements for Microfinance Companies Accepting Deposits" dated January 30, 2010 No. 1/1:

in the Regulation "On Mandatory Reserve Requirements for Microfinance Companies Accepting Deposits", approved by the aforementioned resolution:

• rephrase paragraph 1 as follows:

"1. This Regulation establishes requirements for microfinance companies accepting deposits (hereinafter - MFCs) regarding the deposit of mandatory reserves at the National Bank of the Kyrgyz Republic (hereinafter - the National Bank), the procedure for complying with mandatory reserve requirements, and impact measures for non-compliance with the size of mandatory reserves.".

22. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On the Periodic Regulatory Report of a Microcredit Company/Microcredit Agency" and the Regulation "On the Periodic Regulatory Report of a Microfinance Company" dated May 27, 2009 No. 25/3:

in Appendix 1:

in the Regulation "On the Periodic Regulatory Report of a Microcredit Company/Microcredit Agency", approved by the aforementioned resolution:

• rephrase paragraph 1.1 as follows:

"1.1. This Regulation defines the unified form of periodic regulatory reporting (hereinafter - PRR) of a microcredit company, microcredit agency (hereinafter - MFC/MCA).";

rephrase sub-item "a" of paragraph 2.1 as follows:

"a) the financial condition of the MFC/MCA within the framework of the functions performed by the National Bank of the Kyrgyz Republic (hereinafter - the National Bank), established in the laws of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity", "On Microfinance Organizations in the Kyrgyz Republic" and the Regulation on the Registration of Accounts and Deposits of Residents of the Kyrgyz Republic opened in foreign banks.".

23. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Regulating the Activities of Credit Bureaus in the Territory of the Kyrgyz Republic" dated September 28, 2016 No. 40/5:

in the Rules for Regulating the Activities of Credit Bureaus in the Territory of the Kyrgyz Republic, approved by the aforementioned resolution:

• declare paragraph 1 invalid;

• in paragraphs 70, 73, 78, 82, 84, and the sixth paragraph of paragraph 80, replace the words "liability measures" in various cases with the words "impact measures" in the corresponding cases;

• in paragraph 3 of paragraph 71, replace the words "penalty sanctions" with the word "fines";

• in paragraph 8 of paragraph 80, replace the word "sanctions" with the words "impact measures";

• in Table A1 "Credit Bureau Report (Short Report)":

in rows 17 and 27 of the column "Name of Credit Bureau", replace the abbreviation "NFCI" with the abbreviation "NFCO";

• in the note to Table B1 "Credit Bureau Activities", replace the abbreviation "NFCU" with the abbreviation "NFCO".

24. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Requirements for Banks and Other Financial and Credit Institutions Licensed and Regulated by the National Bank of the Kyrgyz Republic when Issuing Loans to Individual Clients" dated May 18, 2012 No. 19/6:

• in the title and in the preamble of the resolution, replace the words "financial and credit institutions" in various cases with the words "financial and credit organizations" in the corresponding cases;

• in paragraph 1, exclude the words "specialized financial and credit institution".

25. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Requirements for the Accounting Policy of Commercial Banks and Other Financial and Credit Institutions Licensed by the NBCR" dated October 23, 2004 No. 26/2:

in the title of the resolution:

• replace the word "institutions" with the word "organizations";

• replace the abbreviation "NBCR" with the words "National Bank of the Kyrgyz Republic";

in the Regulation "On Requirements for the Accounting Policy of Commercial Banks and Other Financial and Credit Institutions Licensed by the NBCR", approved by the aforementioned resolution:

in the title of the Regulation:

• replace the word "institutions" with the word "organizations";

• replace the abbreviation "NBCR" with the words "National Bank of the Kyrgyz Republic";

• throughout the text of the Regulation and its Appendix, replace the abbreviation "FCI" with the abbreviation "FCO";

• in the preamble, exclude the words "specialized financial and credit institution";

• in the title of the Appendix, replace the words "financial and credit institution" with the words "financial and credit organization".

26. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the "Procedure for Granting the Status of Non-Accrual of Interest Income" dated April 28, 2004 No. 11/2:

in the Procedure for Granting the Status of Non-Accrual of Interest Income, approved by the aforementioned resolution:

• throughout the text, replace the words "credit institutions" in various cases with the words "credit organizations" in the corresponding cases;

• in paragraph 1.1, replace the words "financial and credit institutions" with the words "financial and credit organizations".

27. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the List of Main Documents Generated in the Activities of Commercial Banks and Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic, with Indication of Storage Periods" dated August 27, 2004 No. 22/9:

• in the title, and also throughout the text of the resolution, except for paragraph 4, replace the words "financial and credit institutions" in various cases with the words "financial and credit organizations" in the corresponding cases;

in the List of Main Documents Generated in the Activities of Commercial Banks and Financial and Credit Institutions Licensed by the National Bank of the Kyrgyz Republic (*), with Indication of Storage Periods, approved by the aforementioned resolution:

• in the title and throughout the text of the List and its Appendix, replace the words "financial and credit institutions" in various cases with the words "financial and credit organizations" in the corresponding cases;

throughout the text of the List and its Appendix:

• replace the abbreviation "FCI" with the abbreviation "FCO";

• replace the abbreviation "NBCR" with the words "National Bank" in the corresponding cases;

• in paragraph 1.1 of the Appendix, exclude the words "and the Law of the Kyrgyz Republic "On Banks and Banking Activity in the Kyrgyz Republic" dated July 29, 1997 No. 60".

28. Make the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Certain Regulatory Acts of the National Bank of the Kyrgyz Republic" dated June 28, 2006 No. 19/4:

in the Regulation "On Minimum Requirements for Conducting External Audit of Microfinance Organizations in the Kyrgyz Republic", approved by the aforementioned resolution:

• in the fourth paragraph of paragraph 3.1, in paragraph 3.2, and in the fourth and seventh paragraphs of paragraph 3.4, replace the words "financial and credit institutions" in various cases with the words "financial and credit organizations" in the corresponding cases.

29. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the New Edition of the Chart of Accounts for Accounting in Commercial Banks and Other Financial and Credit Institutions of the Kyrgyz Republic" dated May 30, 2007 No. 28/3:

• rephrase the title of the resolution as follows:

"On Approval of the Chart of Accounts for Accounting in Commercial Banks and Other Financial and Credit Organizations of the Kyrgyz Republic";

• throughout the text of the resolution, except for paragraph 6, exclude the words "new edition";

• in paragraph 1, replace the words "new edition of the Chart of Accounts" with the words "Chart of Accounts";

in the Chart of Accounts for Accounting in Commercial Banks and Other Financial and Credit Institutions of the Kyrgyz Republic, approved by the aforementioned resolution:

• rephrase the title of the Chart of Accounts as follows:

"Chart of Accounts for Accounting in Commercial Banks and Other Financial-Credit Organizations of the Kyrgyz Republic";

throughout the text of the Chart of Accounts and Appendices 1, 2, and 2.1:

• replace the abbreviation "NBKR" with the words "National Bank" in the appropriate grammatical cases;

• replace the words "financial-credit institutions" in various grammatical cases with the words "financial-credit organizations" in the corresponding cases.

30. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated September 28, 2021 No. 2021-P-33/53-9)

31. (Lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 28, 2020 No. 2020-P-33/75-4)

32. Make the following changes to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Certain Transactions/Operations of Commercial Banks and Microfinance Companies of the Kyrgyz Republic with Real Estate' dated August 29, 2012 No. 36/2:

in the Regulation on certain transactions/operations of commercial banks and microfinance companies of the Kyrgyz Republic with real estate, approved by the aforementioned resolution:

• in paragraph 2, replace the words "received by the bank" with the words "received by the bank" (masculine gender);

in paragraph 3:

• in the second paragraph, replace the word "other" with the word "other" (masculine gender);

• in sub-paragraph "a", replace the words "received by the bank" with the words "received by the bank" (masculine gender);

• rephrase sub-paragraph "b" as follows:

"b) any real estate of the bank, including unused bank premises, which is not used and will not be used to ensure the bank's activities, and is intended for sale, in which case amortization of such assets must be discontinued.";

• in the titles of Chapters 2 and 3, replace the word "other" with the word "other" (masculine gender);

• in paragraph 5, replace the word "Other" with the word "Other" (neuter gender);

in paragraph 6:

• in the first paragraph, replace the word "other" with the word "other" (genitive masculine);

• in sub-paragraph "b", replace the words "about the necessity of its sale" with the words "about the necessity of its sale" (masculine gender);

in paragraph 7:

• in the first paragraph and in sub-paragraph "e", replace the word "other" with the word "other" (masculine gender);

• in sub-paragraphs "a", "b", "c", replace the word "other" with the word "other" (genitive masculine);

in paragraphs 8, 9, 10, 11, 12, 13, 14, 15, 24, 25, 28, 29, 33, 34, as well as in the titles of Chapters 4, 5, and 6, replace the word "other" with the word "other" (genitive masculine);

in paragraph 11:

• replace the words "related to its maintenance" with the words "related to its maintenance" (masculine gender);

• exclude the words "and sanctions";

• in paragraph 12, replace the words "increase in its value" with the words "increase in its value" (masculine gender);

• in sub-paragraph "g" of paragraph 19, replace the word "other" with the word "other" (masculine gender);

• in paragraph 20, replace the word "indicated" with the word "indicated" (neuter gender), and the words "must be recognized" with the words "must be recognized" (neuter gender);

• in paragraph 23, replace the word "indicated" with the word "indicated" (masculine gender), and the words "it must" with the words "it must" (neuter gender);

• in the second sentence of paragraph 24, replace the word "her" with the word "his";

• in paragraph 26, replace the word "indicated" with the word "indicated" (neuter gender);

• in paragraph 30, replace the word "other" with the word "other" (neuter gender);

• rephrase the first paragraph of paragraph 31-2 as follows:

"The Bank has the right to accept real estate onto the bank's balance sheet and account for it as 'other property' to offset a previously issued loan specified in a deed of gift agreement. In this case, the deed of gift agreement must contain an obligation of the bank to sell this property to the person who was the owner of the real estate accepted to offset the previously issued loan within the terms agreed upon between the bank and the pledgor, and for the amount of the pledgor's and/or borrower's obligation, which must also be stipulated in the deed of gift agreement.";

• in paragraph 32, replace the word "other" with the word "other" (neuter gender);

• in paragraph 35, replace the word "this" with the word "this" (masculine gender);

• in paragraph 38, replace the word "other" with the word "other" (masculine gender).

33. Make the following change to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Regulation 'On Requirements for the Accounting Policy of Commercial Banks Carrying Out Operations in Accordance with Islamic Principles of Banking and Finance' dated September 30, 2009 No. 39/5:

in the Regulation on requirements for the accounting policy of commercial banks carrying out operations in accordance with Islamic principles of banking and finance, approved by the aforementioned resolution:

• in paragraph 3.6-1, replace the abbreviation "FCI" with the words "financial-credit organization".

34. Make the following changes to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the 'Rules for Regulating the Activities of Microfinance Organizations Carrying Out Operations in Accordance with Islamic Principles of Banking and Finance' dated May 30, 2014 No. 24/11:

in the Rules for regulating the activities of microfinance organizations carrying out operations in accordance with Islamic principles of banking and finance, approved by the aforementioned resolution:

• rephrase paragraph 1 as follows:

"1. These Rules for regulating the activities of microfinance organizations carrying out operations in accordance with Islamic principles of banking and finance (hereinafter - Rules) apply to microfinance organizations carrying out operations in accordance with Islamic principles of banking and finance (hereinafter - MFOs).";

• rephrase paragraph 2 as follows:

"2. The purpose of these Rules is to establish, in accordance with the Laws of the Kyrgyz Republic 'On the National Bank of the Kyrgyz Republic, Banks and Banking Activity' and 'On Microfinance Organizations in the Kyrgyz Republic', economic indicators and requirements mandatory for compliance by microfinance organizations. MFOs carrying out operations in accordance with Islamic principles of banking and finance within the 'Islamic window' calculate economic indicators and requirements in accordance with the Rules for regulating the activities of microfinance organizations in the territory of the Kyrgyz Republic, approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated February 19, 2003 No. 4/2, including the performance indicators of MFOs within the 'Islamic window' in the calculation of economic indicators and requirements.";

• in paragraph 8.2, replace the abbreviation "FCI" with the words and abbreviation "financial-credit organizations (hereinafter - FCOs)";

• rephrase paragraph 15 as follows:

"Upon detection of facts of non-compliance by MFCs with the requirements of the National Bank imposed on their activities, failure to provide information, as well as untimely provision or provision of unreliable information, the National Bank has the right to apply to them measures of influence provided for by the Laws of the Kyrgyz Republic 'On the National Bank of the Kyrgyz Republic, Banks and Banking Activity', 'On Microfinance Organizations in the Kyrgyz Republic' and relevant normative legal acts of the National Bank.";

• in paragraph 8 of paragraph 22, replace the words "with insiders and affiliated persons" with the words "with affiliated and persons related to MFCs";

• rephrase sub-paragraph 1 of paragraph 30 as follows:

"1) MFCs attracting funds must carry out operations with affiliated and persons related to MFCs in accordance with the Instruction 'On Requirements for Operations of Microfinance Companies Attracting Deposits with Affiliated and Persons Related to the Microfinance Company'. The maximum size of risk on operations with affiliated and persons related to MFCs, expressed as the size of the total debt of affiliated and persons related to MFCs to the MFC, must not exceed 60% of the MFC's equity capital;";

• in paragraph 38, replace the words "Laws 'On the National Bank of the Kyrgyz Republic'" with the words "Laws of the Kyrgyz Republic 'On the National Bank of the Kyrgyz Republic, Banks and Banking Activity'";

in paragraph 44:

• in the first paragraph, replace the abbreviation "FCI" with the abbreviation "FCO";

• in the sixth paragraph, replace the words "financial-credit institutions" with the abbreviation "FCO";

• in paragraph 46, replace the words "financial-credit institutions" with the abbreviation "FCO".

35. Make the following changes to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulations of the National Bank of the Kyrgyz Republic" dated October 17, 2014 No. 45/1:

1) in Appendix 1:

in the Regulation on periodic regulatory reporting of microfinance companies carrying out operations in accordance with Islamic principles of banking and finance, approved by the aforementioned resolution:

• rephrase paragraph 1 as follows:

"1. This Regulation, in accordance with the Laws of the Kyrgyz Republic 'On the National Bank of the Kyrgyz Republic, Banks and Banking Activity', 'On Microfinance Organizations in the Kyrgyz Republic' and the Regulation 'On Registration of Accounts and Deposits of Residents of the Kyrgyz Republic Opened in Foreign Banks', approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated July 5, 2000 No. 26/2 (hereinafter - legislation), defines a unified form of periodic regulatory reporting (hereinafter - PRR) for microfinance companies carrying out operations in accordance with Islamic principles of banking and finance (hereinafter - MFCs).";

• recognize paragraph 3 as lost force;

2) in Appendix 2:

in the Regulation on periodic regulatory reporting of microcredit companies and microcredit agencies carrying out operations in accordance with Islamic principles of banking and finance, approved by the aforementioned resolution:

• rephrase paragraph 1 as follows:

"1. This Regulation, in accordance with the Laws of the Kyrgyz Republic 'On the National Bank of the Kyrgyz Republic, Banks and Banking Activity', 'On Microfinance Organizations in the Kyrgyz Republic' and the Regulation 'On Registration of Accounts and Deposits of Residents of the Kyrgyz Republic Opened in Foreign Banks', approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated July 5, 2000 No. 26/2 (hereinafter - legislation), defines a unified form of periodic regulatory reporting (hereinafter - PRR) for microcredit companies and microcredit agencies carrying out operations in accordance with Islamic principles of banking and finance (hereinafter - MCCs and MCAs).";

• recognize paragraph 3 as lost force;

3) in Appendix 3:

in the Regulation on periodic regulatory reporting of credit unions carrying out operations in accordance with Islamic principles of banking and finance, approved by the aforementioned resolution:

• rephrase paragraph 1 as follows:

"1. This Regulation, in accordance with the Laws of the Kyrgyz Republic 'On the National Bank of the Kyrgyz Republic, Banks and Banking Activity' and 'On Credit Unions' (hereinafter - legislation), defines a unified form of periodic regulatory reporting (hereinafter - PRR) for credit unions carrying out operations in accordance with Islamic principles of banking and finance (hereinafter - CUs).";

• recognize paragraph 3 as lost force.

36. Make the following changes to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Requirements for the Formation of Financial Reporting and Presentation of Information by Non-Bank Financial-Credit Institutions Carrying Out Activities in Accordance with Islamic Principles of Banking and Finance or Having an 'Islamic Window'" dated December 21, 2016 No. 49/9:

in the Regulation on requirements for the formation of financial reporting and presentation of information by non-bank financial-credit institutions carrying out activities in accordance with Islamic principles of banking and finance or having an 'Islamic window', approved by the aforementioned resolution:

• in the title of the Regulation, replace the words "non-bank financial-credit institutions" with the words "non-bank financial-credit organizations";

• throughout the text, except for paragraphs 2 and 3, replace the abbreviation "NBFCI" with the abbreviation "NBFCO";

• in paragraph 2, replace the words "(hereinafter - NBFCI)" with the words "(hereinafter - non-bank financial-credit organizations)";

• in paragraph 3, replace the words and abbreviation "Regulations apply to NBFCI" with the words and abbreviation "Regulations apply to non-bank financial-credit organizations (hereinafter - NBFCO)";

• in Appendices 1, 2, 3, 4, and 5 to the Regulation, replace the word "institution" in various grammatical cases with the word "organization" in the corresponding cases.